Here are 5 New-Age Business Ideas for You
The Indian business landscape is prepared to grow in multiple areas due to several factors such as international trade, government stimulus, and an overall strong developing country. With a young population that is rising to leadership and technology driving growth and innovation, there are several business opportunities in multiple sectors that we are witnessing today.
For each business idea, we are going to discuss the opportunity behind it, its potential, and where you can get started to execute your business venture. There is bound to be a successful business idea here for you.
1. Tuition/ Coaching Services-
What was your favorite subject in school? Did you sail through Mathematics like a wizard or did you have a special chemistry with Chemistry? If yes, a room, some chairs, a board, marker, and duster is all you would need to start teaching a subject. If you know a foreign language like French, Spanish or German, you could easily impart lessons in such languages and start a small business without any great investment. There is always a demand for foreign language classes from students and professionals hence you need not worry about the pipeline drying up as an entrepreneur. The idea is not only about low investment and high returns, it also has a certain sense of cash inflow and demand predictability. For such businesses, you can start with a very small business loan too and there is no dearth of avenues from where you can get a basic loan to start this type of business.
2. Driving School/ Cab Service-
If one has good driving skills and can buy a vehicle such as a car, driving lessons can be imparted to people. With the same vehicle, the person can teach 10-15 customers in a month and earn a decent amount with minimum investment. It might not be very difficult to avail a small business loan and buy a car. A part of the earnings from the driving school can be used towards repayments to service the loan. Depending on the savings, the fleet of cars can be expanded, more driving instructors can be hired, and the business can flourish. A person may also avail of a small business loan to buy a new car. Once he does that, he can offer rides through the ride-hailing app and make money to pay off the loans and save for further business expansion.
3. Fitness Centres-
More than 65% of India’s population is less than 35 years old. The youth are a health-conscious lot and many of them are members of a fitness center or gym. They love to hit the gym and burn a few excess calories. The remaining 35% also comprises a lot of fitness enthusiasts and health-conscious people. Anyone who has trained in an area of fitness can start a fitness center. Space or infrastructure and equipment can be leased or bought. Space can be used for almost 16 hours a day as people like to walk into the fitness center at various times during the day. The idea of opening a fitness center is a business idea with low investment. Even if the person interested in opening this center cannot afford it, he has multiple avenues at his disposal to avail a small business loan. It is a very profitable business idea as subscribers of the fitness center find it difficult to keep coming to the fitness center regularly but most of them pay an annual subscription.
4. Computer Training Center-
We are in an era wherein there is a lot of demand for computer literacy and proficiency. If one has a basic idea of how to operate a computer and how to work with simple tools such as the Microsoft Office suite of products – Word, Excel, and PowerPoint, the chances of employment of the person is much brighter. Hence, there is a great demand to learn computers, programming, and the booming areas in technology such as artificial intelligence, blockchain, data analytics, IoT, etc. Are you an expert in any such area? If yes, you can start a training center equipped with an internet connection, a few computers, and learning aids such as whiteboards, projectors, etc. The business is driven by knowledge and hence the subsequent investment after the initial capex outgo is low. Multiple batches can be run for college students, working professionals, etc. and a handsome profit can be made on a very small initial investment.
5. Solar Farm-
Solar farms are replacing croplands that don’t generate enough income from traditional farming. Solar farms use solar panels to generate a huge amount of renewable electricity that can be used by individuals for commercial and residential purposes. Building a solar farm is a capital-intensive business but the Returns on Investment (ROI) are worth it in the long run.